senate Bill S5728A

Signed By Governor
2021-2022 Legislative Session

Relates to the tax-deferred annuity program of the New York city teachers' retirement system

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 02, 2021 signed chap.357
Jul 21, 2021 delivered to governor
May 25, 2021 returned to senate
passed assembly
ordered to third reading rules cal.138
substituted for a7204
May 19, 2021 referred to ways and means
delivered to assembly
passed senate
May 03, 2021 advanced to third reading
Apr 28, 2021 2nd report cal.
Apr 27, 2021 1st report cal.825
Apr 15, 2021 print number 5728a
Apr 15, 2021 amend and recommit to cities 1
Mar 17, 2021 referred to cities 1

Votes

view votes

Apr 27, 2021 - Cities 1 committee Vote

S5728A
5
1
committee
5
Aye
1
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Cities 1 committee vote details

Cities 1 Committee Vote: Apr 27, 2021

nay (1)
aye wr (1)

S5728 - Details

See Assembly Version of this Bill:
A7204
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-582, NYC Ad Cd

S5728 - Summary

Provides that a beneficiary of a deceased participant in the NYC teachers' retirement system who dies on or after July 1, 2021 may not establish a tax deferred account.

S5728 - Sponsor Memo

S5728 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5728
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 17, 2021
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities 1
 
 AN  ACT  to  amend  the  administrative code of the city of New York, in
   relation to the tax-deferred annuity program  of  the  New  York  city
   teachers' retirement system

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 2 of subdivision  g  of  section  13-582  of  the
 administrative  code of the city of New York, as added by chapter 677 of
 the laws of 2003, is amended to read as follows:
   2. Notwithstanding any other provision of this chapter, any  rules  or
 regulations  adopted by the retirement board, or any other provisions of
 law to the contrary, the beneficiary of a deceased  participant  in  the
 tax-deferred  annuity  program  who  had not, prior to his or her death,
 selected an option governing the manner in which his or her tax-deferred
 account would be payable to his or  her  beneficiary,  may,  subject  to
 paragraphs  three,  four,  and  five of this subdivision, elect, at such
 time and in such manner as determined by the retirement board, to  defer
 the  distribution  to  him  or  her  from the participant's tax-deferred
 account to the extent permitted by, and in a manner consistent with, the
 provisions of section 403(b) of the Internal Revenue Code and the  regu-
 lations  promulgated  pursuant  to such section.  PROVIDED, HOWEVER, THE
 BENEFICIARY OF A DECEASED PARTICIPANT WHO DIES ON OR AFTER  JULY  FIRST,
 TWO THOUSAND TWENTY-ONE SHALL NOT BE ALLOWED TO ESTABLISH A TAX-DEFERRED
 ACCOUNT AS PROVIDED IN THIS SUBDIVISION.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10516-01-1


S5728A (ACTIVE) - Details

See Assembly Version of this Bill:
A7204
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-582, NYC Ad Cd

S5728A (ACTIVE) - Summary

Provides that a beneficiary of a deceased participant in the NYC teachers' retirement system who dies on or after July 1, 2021 may not establish a tax deferred account.

S5728A (ACTIVE) - Sponsor Memo

S5728A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5728--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 17, 2021
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed  to  be  committed  to  the Committee on Cities 1 -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN ACT to amend the administrative code of the  city  of  New  York,  in
   relation  to  the  tax-deferred  annuity  program of the New York city
   teachers' retirement system
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  2  of  subdivision  g of section 13-582 of the
 administrative code of the city of New York, as added by chapter 677  of
 the laws of 2003, is amended to read as follows:
   2.  Notwithstanding  any other provision of this chapter, any rules or
 regulations adopted by the retirement board, or any other provisions  of
 law  to  the  contrary, the beneficiary of a deceased participant in the
 tax-deferred annuity program who had not, prior to  his  or  her  death,
 selected an option governing the manner in which his or her tax-deferred
 account  would  be  payable  to  his or her beneficiary, may, subject to
 paragraphs three, four, and five of this  subdivision,  elect,  at  such
 time  and in such manner as determined by the retirement board, to defer
 the distribution to him  or  her  from  the  participant's  tax-deferred
 account to the extent permitted by, and in a manner consistent with, the
 provisions  of section 403(b) of the Internal Revenue Code and the regu-
 lations promulgated pursuant to such section.   PROVIDED,  HOWEVER,  THE
 BENEFICIARY  OF  A DECEASED PARTICIPANT WHO DIES ON OR AFTER JULY FIRST,
 TWO THOUSAND TWENTY-ONE SHALL NOT BE ALLOWED TO ESTABLISH A TAX-DEFERRED
 ACCOUNT AS PROVIDED IN THIS SUBDIVISION.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY OF BILL: This proposed legislation (see Appendix), would amend

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10516-02-1

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